Pakistan completes 5G spectrum auction with $500 million investment
Business
Pakistan completed its 5G spectrum auction with about $500 million investment as Zong, Ufone and Jazz secured licences, while Jazz announced plans to invest another $1 billion over three years.
ISLAMABAD (Dunya News) - The 5G spectrum auction in Pakistan has been successfully completed with nearly $500 million in investment, marking a significant milestone for the country’s telecommunications and technology sectors.
According to reports, the development comes as a result of the effective strategy of the Special Investment Facilitation Council (SIFC), which has led to a noticeable increase in interest from both local and international investors in Pakistan.
Companies that emerged as successful bidders in the auction include Zong (China Mobile), Ufone (Etisalat) and Jazz (VEON Group).
Adviser to the Finance Minister Khurram Shehzad stated on the occasion that the auction represents a clear indication of growing foreign investment in Pakistan’s telecom and technology sectors.
He said that the fresh investments by existing foreign companies reflect increasing confidence in Pakistan’s economy and the ongoing reform process.
He further noted that earlier the $645 million privatization of Pakistan International Airlines (PIA) also signaled rising confidence among local investors.
According to him, the privatization of PIA will strengthen air connectivity, while the 5G spectrum auction will help promote the digital economy and enable faster internet services across the country.
Khurram Shehzad also revealed that Jazz (VEON Group), one of the successful bidders, has announced plans to invest an additional $1 billion in Pakistan over the next three years.
According to the finance adviser, the continued flow of both local and global investment will support economic recovery and ensure long-term stability, adding that these positive developments in Pakistan’s economy are the result of SIFC’s effective economic policies and reform-oriented vision.
